Maybe the fact that horses are at the worst level of quality\capability
in 50 years - there are still multi thousands of runners but they are not
worth two bob.

I mean relative to one another's ability it's a wonder
they can't at least perform reasonably, regardless of how qualityless.

99% of races at present one would not even give a cursory glance and this damned EI did not help the state of affairs - how long
it will take to pick up again is anyone's guess - it needs a rapid FIND
of top NZ or even pommie sires, but I just don't see either possible
in a hurry.